ICRA An Affiliate of Moody's

Entity-Specific Rating Rationales

09 Mar 2026

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Tetrix 02 2026

16 Feb 2026

Progfin Private Limited: Rating confirmed as final for PTCs backed by invoice financing receivables to be issued by MARS 10 2025

05 Feb 2026

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Cerulean 01 2026

15 Jan 2026

Progfin Private Limited: [ICRA] BBB+ (Stable) assigned; ratings reaffirmed

12 Jan 2026

Progfin Private Limited: Ratings confirmed as final for PTCs backed by invoice financing receivables to be issued by Arceus 2025

22 Dec 2025

Progfin Private Limited: Rating confirmed as final for PTCs backed by invoice financing receivables to be issued by Piastri 07 2025

27 Oct 2025

Progfin Private Limited: Provisional [ICRA]A+(SO) assigned to Series A1 PTC to be issued by MARS 10 2025

27 Oct 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Kimi 10 2025

07 Oct 2025

Progfin Private Limited: Provisional [ICRA]A1(SO) assigned to Series A1 PTC to be issued by Gabriel 09 2025

03 Oct 2025

Progfin Private Limited: Provisional [ICRA]A1+(SO) assigned to Series A1 PTC to be issued by Twix 09 2025

Entity-Specific Credit Perspective Reports

10 Mar 2026

Progfin Private Limited

Progfin Private Limited (SF)

05 Feb 2026

Progfin Private Limited

Progfin Private Limited (SF)

28 Oct 2025

Progfin Private Limited

Progfin Private Limited (SF)

28 Oct 2025

Progfin Private Limited

Progfin Private Limited (SF)

08 Oct 2025

Progfin Private Limited

Progfin Private Limited (SF)

08 Oct 2025

Progfin Private Limited

Progfin Private Limited (SF)

17 Sep 2025

Progfin Private Limited

Progfin Private Limited (Non-SF)

04 Sep 2025

Progfin Private Limited

Progfin Private Limited (SF)

12 Aug 2025

Progfin Private Limited

Progfin Private Limited (SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Series A1 PTC	Provisional [ICRA]A1+(SO)	--	--	--
Series A1 PTC	--	--	[ICRA]A+(SO)	--
Series A1 PTC	Provisional [ICRA]A1+ (SO)	--	--	--
Non-Convertible Debentures	--	--	[ICRA]BBB+(Stable)	--
Series A1a PTCs	[ICRA]A1+(SO)	--	--	--
Series A1b PTCs	[ICRA]A1+(SO)	--	--	--
Series A2 PTCs	[ICRA]A1(SO)	--	--	--
Series A1 PTC	[ICRA]A1+(SO)	--	--	--
Series A1 PTC	Provisional [ICRA]A1+ (SO)	--	--	--
Series A1 PTC	Provisional [ICRA]A1 (SO)	--	--	--

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